A Loan Against Property from Union Bank of India for home loan borrowers

A perfect mortgage loan scheme from Union Bank of India to pare down your debts

Union Bank of India Mortgage Plus Loan

This loan helps Union Bank of India home loan borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education, etc. This loan can also be availed to pay off high-interest debts, thereby consolidating their debt.

Features of Union Mortgage Plus Loan (Loan Against Property)

Why this Loan?

  • The Union Mortgage Plus Loan is meant for home loan borrowers who want to avail financial assistance by pledging their residential property to the bank to meet their urgent financial needs. This loan can be availed for personal or business needs but not for capital market, trading or speculative purposes
  • Home loan borrowers can also avail this scheme as a consolidation loan to pay off their high-interest credit card debt or loans

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to Rs. 10 crore


  • The interest rate for this loan 1.00% above the rate of interest applicable on the home loan against which the mortgage loan is extended to the borrower


  • This loan must be repaid within 30 years or before the borrower turns 75 years of age, whichever is earlier

Security Needed

  • The bank asks for the extension of charge on residential property

Margin Money (Borrower’s Contribution to Total Cost) & Processing Charges

  • The bank charges up to 25% of the fair market value of the property mortgaged

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.
  • Property related documents

Reference Facts:

  • Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 2222 44, 1800 208 2244